Technical outlook:
Gold prices continue to slide after printing $1,998 high on Mondsy. The yellow metal is seen to be trading around $1,945 levels at this point in writingand is expected to drag lower through $1,920-22 mark near term. Bears would remain poised to break below the initial price support, which is seen around $1,915 level.
Gold prices are then expected to retrace the entire downswing carved from $1,998 through $1,920-22 (hypothetical now). It will give yet an other opportunity to bears to enter at a higher price. If the above structure unfolds accordingly, high probability remains for a meaningful top already in place just below $2,000 mark.
On the flip side, if Gold prices turn high from current levels, possibility remains for a push through $1,980 and up to $2,000 mark before turning lower again. Either way, the yellow metal remains bearish either from current levels or from $2,000 mark going forward. Potential down side targets are below $1,676 mark in the next several weeks.
Trading plan:
Potential drop through $1,676 against $2,080
Good luck!
